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Actor Michael Douglas is in discussion to portray U.S. President Ronald Reagan in the film "Reykjavik."

He may be a big deal democratic fundraiser, but actor Michael Douglas looks set to cross the aisle and play republican President Ronald Reagan, according to The Hollywood Reporter.

Douglas is in discussion to portray Reagan in "Reykjavik," a biopic set in 1986 soon after the Chernobyl nuclear disaster. The movie centers around the peace talks between Reagan and then Soviet leader Mikhail Gorbachev held held in the Icelandic capital at the time. The role of Gorbachev has yet to be filled.

British director Mike Newell (the upcoming "Great Expectations") is in talks to direct with Ridley Scott and David W. Zucker on board to produce. Participant Media, the company that backed the Oscar-winning documentary "An Inconvenient Truth," will furnish the film's financial needs. Scott is the brother of "Top Gun" director Tony Scott who rrecently committed suicide by jumping from a Los Angeles area bridge.

For Douglas, 67, it would be another biopic on the heels of his current project. The actor is wrapping shooting on "Behind the Candelabra," the Steven Soderbergh-directed movie based on the life of Liberace. Douglas stars as the flamboyant entertainer in the HBO film which also features Matt Damon, Rob Lowe, Scott Bakula, Cheyenne Jackson, Dan Aykroyd and Debbie Reynolds in the cast.

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2013 is shaping up to be a busy time onscreen for Douglas, who was diagnosed with throat cancer in 2010 and underwent chemotherapy and radiation treatment. He'll also be seen in Soderbergh's "Haywire," as well as "Last Vegas," a "Hangover"-style caper for the senior set which costars Robert De Diro, Morgan Freeman and Kevin Kline.